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Lend America Shut Down, FHA Urged to Complete Loans

Get on it, FHA!

MoneysThis week, Lend America was disqualified from lending FHA backed loans due to submitting false documents and completing loans that didn’t meet FHA requirements (leading to $512,500 in fines and Lend America shutting their doors the day after their FHA approval was yanked).

Reuters reported today that Senator Charles Schumer “urged the Federal Housing Administration to make sure borrowers approved for an FHA loan by Lend America can still get a mortgage after it disqualified the lender.”

Will Lend America be the only mortgage originator to fall? What happens to the loans currently in process, who is responsible for completing them? Will laws change as the FHA sniffs out other offenders? What say you?

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Lani is the COO and News Director at The American Genius, has co-authored a book, co-founded BASHH, Austin Digital Jobs, Remote Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

7 Comments

7 Comments

  1. Joe Loomer

    December 4, 2009 at 7:35 am

    Does anyone know the names (if any) other mortgage originators where operating under for Lend America banner (1st Fijiian, Citizens Bust, etc) ?

    Have a lender in Atlanta that seems to be playing possum with several closings in the hopper and no answers coming….

    Navy Chief, Navy Pride

  2. Lani Rosales

    December 4, 2009 at 11:17 am

    Joe, I just read most of the 155 page lawsuit against Lend America and they’re a New York based area lender and no other originators were named as operating under the Lend America umbrella.

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